Standard Bank Homeloan Assuarnce polciy is a *******

I have written here previously to complain about the Life Assurance policy that Standard Bank signed me up for when I took my bond with them. In short the policy has no value unless you die. Furthermore the premiums are calculated on the amount outstanding on your bond , and does not take into account what you have paid in the past. this is perfect for credit cards and overdrafts but is a total ******* for a home loan. When I complained the response was "This is unfortunately how the credit life product is designed." the emphasis is on UNFORTUNATELY, which is their words not mine

After mush arguing and supposed apologies Standard Bank made me stop the temporary disability portion of the policy to reduce the monthly premium and as a sign of supposed good faith wrote back some of the premium as a result of the cancellation of the "temporary disability cover". I though GREAT, we are going places and now my bond balance will actually start reducing and i may have it paid before I retire.

Imagine my horror, frustration and anger when today I checked the balance because Standard Bank only sends statements when they feel like, and again the balance outstanding is growing instead of coming down. Again I received "sincere" apologies from the call center person and an undertaking for someone to do something about it.

I just have one question.... is it Standard bank's customer policy to sign their loyal and ;long standing customers to a policy THEY KNOW HAS NO VALUE with the concept that they will make a fortune in interest and charges of the life of the bond and the bond will never be paid so they make more money when the policy is paid out by Liberty. AND THIS ONLY HAPPENS WHEN THEIR LONG TIME LOYAL CUSTOMER DIES!!!